2022-03-31-accounts - Wickham Community Land Trust

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06608621 Wlckham Community Land Trust A Re8lstsred Charity and Company Llmlled by Guarantse Annual Report and Flnanclal Siatements forihe year ended 31 Mar¢h 2022 Company Registrallon Number: 06608621 Registered Lharbry Number. 1134897 RegF5tered Office: The Old Post Office, 5tstlon Road, Wickh•m. Hampshlre. P017 SJA

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2022 Company Re8. No-. 06608621 Charity Nurnber.. 1134897 Contents Page Dirertorg Report 1-15 Auditorfs Report 16-20 Staiefflent uf Coiiiprehensive Income 21 Statement of Financlal Position 22 Statement of Cash Flow5 23 Statement o*Changes In Reserves 24 Note5 to the Financial Statements 25-34

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Finan¢lal Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Nurnber= 1134897 DIRECTORS, REPORT Thé directorg present their a#nuAI rp.port and the financial statÈments for the year ended 31 March 2022. I. PURPOSES OF THE CHARir 1.1 Purposes as set out In Wickham Commun5ty Land Trusvs governln8 document The charitV5 pufpp•C4 are At out in the objects in thg Company s Memorandum of Assnrintinn a follows.. The provision of so¢ial housing and housing to relleve financlal hardship,. and To promote Such other charitable purposes as may from time to time be determlnad subl•ct to the prior written consent of the Charity Commission. Wlckham Community land Trust IWCLTI Is ttedicated to the provision ol affordable housln8 111 Wlckham to relieve the financial hardship of eligible beneficlaries living in the village. surrounding area or with employment in the area,. holding the property for the long tefrn public good and protecting it from the damaging effects of asset Price inflation and speculation and thereby enabling the provision or affordable hou51ng now ubs¥4uriiL syii¥i"•t10175. INote: (Note." Jince the year cnd, the civil parish of Wickham has been re-named Wlckham and Knowle", the boundaries of which are co- terminus wlth those of Wickharn parish at the grant of the Trusvs charitable status. All references in thls report and future references to "Wickham- theyetore relate to the parish of l£kharn and Knowle"). 1.2 Summary ol activities In support of the purposes M¢llldxe the bu5iiiess of the Trust In $uch manner a5 tts cover costs artd, as a not-for-profit organisation, to re-invest for malntenance of the properties Maintain and run our properties In such a waythatthey can remain a long-term publ1¢ benefit, contributing to the sustainability of this community Manage the on.going movement of resldent5 irilv dllLI uut of the propertles 50 that the homes remair¢ a tr)enefit tn thn%g* whn Qualify to occupy them on grounds of need Malntain the affordable nature of the accommodatlon Retain the freehold of the properties In accordance wlth the charitable aims of WCLT to provide asset lock Pursuv uppo¥tunitie5 to further meet WCLT'S charitable ob5ectives through the provision of additional affordable homes In the vicinity, working in cfroperation with Wlnchester City Council and Homes England Monitor and review the charltvs performance against its charitsble objectives on a regular basis.

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial 5tstements for the year ended 31 March 2022 Company Re8. No.. 06608621 Charity Number.. 1134897 1.3 Summary of A¢tlvStles In relatlon to publlc benefft WCLTS main focu5 Is on providing housing for those who cannot afford from thclr own resources to buy or rent è home on the open market The housing of those liwn8 in sf(uations inadequate or unsultable for their needs, regardless of their age, sex, marital status or any other differentiator The housing of farnllles1Svlng in overcrowded cunditions by virtue of inabillty of young adults to find alternativp xffr)rdable homes Housing those who lose their open market rental homes because of sale or increased rent The housing of key workers serving the local area Provision of housing to a number of households with local connection enabling them to receive support from thelf families le.g. chlldcarel OT to provide support to family members who need help le.L to elderly relative51 Shorterjourney times for those resident5 wlth work in the local area. WCLT is not aware of any detriment or harm arlslngfrom the Organlbatluri's itirrib. 1.4 Benefft to a section of the publlc The publicwhich benefits from our work Is made up ola cr955 settlon of il¥E ¥rUU Ulldblt fi.om their owrt resources to afford a home on the open market. r housin Selection criteria for applicants include housing need, inability to afford propertyto buy or to rent on the open market, the abilrf(v to meet thè affordable rentlmortgaee oirtgnin&% on a WCLT home, suitability of the homes WCLT ha5 available to meet the applicants, need5 and local connedlon (see Geographical Restrlction below). Geo ra l Restriction WCLT serves the geographical area of Wickham In Hampshire, its adjoining parishes and the administrative area of Wlnchester City Council, in that order of Priority. Yeing an attractive village within reach of rhree cltle5. Wlnchester, PorLsrriuuLli aiid Southampton, Wlckham's house p¥lces, both for piirchas• and rpnt, arp high and beyond the means of rnany people from this speclflc vicinity whg W15h to be able to live in the community from which they comè or in which they work. 1.5 Id¥iiiilyi118 Public Benefft The impact of our achievement goes wider than those families we house, and $ public benefits Include the followin8= A redurtlon in the number of people seeklng affordable housing in the area A reduction in local barriers to housing An increase in housing stock available for affordable homes Increased availability of local accommodatlon tor key workers seiving the local area

Wickham Communlty Land Trust A Registered Charity and Company Lirnited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 A redurtion in distances between home and workplace for people working in the area The retention of assets within the local communityfor public benefit, provlding a long-term asset lock. 1.6 Prfvate benefit No-one receives any piSvate benefit from WCLT. 1.7 Oirectorf Publk Benefrt Statement The Dirertors of WCLT confirm that in dr¥wln8 UP thi5 report thèy have been aware of their duty to report on public benefit and have pald due regard to the Charlty Commission's guidance in this respect. 1.8 Contrlbutlon made byvfAunteers WCLThas no employees. All work undertaken by directors and our part-time bookkeeper. Mrs Brenda Fattow, Is undertaken on a vuluntary basis. 1.9 Addltlonal Informatlon WCLT employs a Managin8 Agent for Its rental properties. While the selection process of suitable eli8iblg pgrsons to occupy its properties remains under the control of WCLT, once that process is complete the Managing Agent deals with the collection of rent and service charge and manages repairs. However, WCLT remains closely involved In managementlssues and dlrectly manages the shared ownership propertles. 2. ACHIEVEMENTS AND PERFORMANCE 2.1 QuantltatSve and Qualltatlve InlorniatSon In this financlal yeaf the number housed by the Trust increased to 24 individuals (adults and children) who qualify under the categories outlined in 1.3 above. There were no change5 in tenant occupatlon dui"iii8 th¢ year, and there were, tlicrcftsre, no void perSods. Feedback from our residents MaInS consistently appreciative. 2.2 Meelltw the Soclal Housin8 Re8ulatorfs Stsndards Dlrectors continue to use the Regulatorfs Economlc and Consvrner Standlirds as poiiit5 of reference for meaduring OUT servlce4•livgry. 2.2.1 Governance and Fi anclal Viabili Standard WCLT 's Code of Practice and Flnancial Viability, based on the standard. 5et5 vul the fundarylentsl values whlch underpln WCLfs practlce and ensures that it Al m@ets the Regulatorfs standard and bl conducts

Wl¢kham Community Land Trust A Registered Charity and Company Llmited by Guarantee Trustees, Report & Flnancial Statements forthe year ended 31 March 2022 Company Reg. No.. 06608621 Chartty Number.. 1134897 it5 business In an effertive, transparent and accountable manner. The 8oard certifies its compliance with the standard during the course of 202112U22. 2.2.2 Valu for Mone Standard The WCLT Board regularly reviews all areas of its operation to look at opportunities for reducing costs or securing additional Income in line with its value for Money Pollcy. The voluntsry time of Board Members in funning the or8anl$3tion "hands on. is a kev contrfbutor to constraining costs a5 WEII as providin8 a responsive service- examples inrliidp nijr finAnr.sal and administrative returns. lettings. m3na%ement of shared ownership properties, financial management and reporting. The Board recognises that as WCLT grows additional paid administrative and financial resources wiii be required and future projects include financial provSsion for such additlons. The Board recognises that mainienance costs are Increa51ng a5 properties dLquired In 2012 aBe and has increased budgetary provislon in Its plans for future years. In April 2018, the Regulator of Social Housing in published new standards to Registered Provlders by which tD e5t8bllsh cownparative Value for Money metrics. While these are a ii¢J between 0.5% and 1.25% to its intermediate rent properties and a 1.25% rise to it5 shared ownership properties in order to maintain affordability, although the Rent Standard guideline would have allowed higher increases. The Trust was mlndful of the

Wickham Community Land Trust A Registered Charity and Company Limrted by Guarantee Trustees, Report & Flnancial Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 eCormi( straln on tenants, budgetsas a result of the pandemic and kept rent increases to a minimum. LL4 Home Standar Quality of accommodation.. WCLT'S 8 homes meet the Government's Decent Homes requlrement and dlsv 5u>Laiiiability Code 3 and Lifetime I lomes criteria. Repalr5 and Maintenan¢e.. WCLT Is responsive to matters of ongoin8 repalr and maSntenance. 2.2.5 T¥iidTIL Iliv Ivviiie41t and I owerment Standard WC_IT r.onvened a meeting with resident5 on 30 November 2021 to disseminate information, explain charges and to capture residents, vlews and respond to any of their oncerns. More details are given at 6.4 below. WCLT'S Managing Agent also Visits tenants in their homes. All tenant reviews remain posltive and feedback in respect of WCLT perforrrance has also been positive. Those tenant5 reaching the completion of Their slxth year In rE51deriLe IidV¥ i¥1 ièwed their tenancies. WCLT will continue to take accDunt trf tenants, views In monitoring Its performance as a landlord. oumood In managing its current portfolio WCLTworksto g¢X)d effect with Hyde Group, Wickham Community Association and Wickham Parish Council in respect of grounds maintenance, street lighting, the access road and community issues and with Win¢hester City Council and Wi¢kham Festival organisers. LdllLldl 2.2.7 T nanc Stsn ard A¢though as a provlder of intermediate homes WCLT is exempt from this standard WCLT still retain5 its current tenancy standard as a useful guide and operationjl rcfcrence point In relation to t•nancies and tenanry rpvlp.vj processÈs. 2.3 Athlevements agaln5t oblertlve5 set The objettives forthe period 2020 2022 were approved bythe Board in September ?niq. Satisfactory oroRre5s was achieved in all the ongolng managemènt objectives and steady progress was made towards the acquisition of 10 new properties in Wykeham Vale. It was planned that these home5 would become available durlng the findllLl¢il year but delays in construction encountercd by the developfjr Icroudace Homes I tAI x< x rp.%ult Of the pandemic, loss of workers returningto the EU after Brexit and supply constraints meant that there were no completion5 during the year. The properties will become available in FY 2022123. All arrangements to finance the purchases, however, were Loinpleted during the year, as anticipated in the report foT the previous year. Loan fin8nrp was arranged in Drincirjle with Triodos Bank Ilong-term loan) which supplemented grant funding from Winchester City Council and South Downs National Park, the remainder coming from reserves, most notably b005ted by a £250.000 donatlon from the estate of a local businessman. The necessary documentation to complete the purr.hases and the financial underpinning was all completed before the year end. The Trust has participated with the developer and Aster Homes Ifroffl whom the properties will be purchased) in regular project progress meetingsthroughoutthe year. Relations with

Wickham Communlty Land Tnjst A Re8lStered Charlty and Company Limited by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 these parties has been consistently cordial and constructive ensuring that quality of construction and finish is expected to be to the Trust's specification when eventually completed. As noied In 2.2.2 above, e reventje grant from the Community Housing Fund throu8h Homes EnEl¥nd covered mijrh cjf the pre-development costs incurred by the Trust but had not been fully utilised bv vear end and $0 a repayment of the money unused was nece55ary in the early part of the following year. The Trust will pay the necessary costs Incurred as a result uf the repdYiriIil, Out of reserve5, boosted 25 they have been by the significant donation received during the year, withoutleopardising in any way the Tru5t'5 flnancial security. Much wurk WdS LufTipleLvLJ dui iii¥ tlie yea¥ in termJ of financial modcllins tts ¢n4ure that the new homes to be purchased in Wykeham Vale could be financed without over-straining financial resources and especially to model incorne from rent on these home5 in accordance with the terms of the 5106 which require5 the home5 to be let at no more than Local Housing AIIDwance and thu5 be-affoTdablE- accordlrig to Homes England requiTements. In that rspect. to comply with Hnmp% England requirements to register as eligible to ch8rge affordable rents, the Trust applied to be an investment partner in the Wayfarer Consortium of organisations. Membership wa5 granted in February 2022 making the 1.rust parr of The con5Crtlum'5 LvriLrdLI wiLlI P*uiiies England that runJ ntil 2026. In addltion togrowth and expansion objectivesthe 2021>2022 objertlves includethe intentto increase the local profile of the Trust and although no action took place on these goals in the year, plan5 were matje In outllnE dlktl d¥leVLI iv i)e c•rrsed out In the followin8 year. WCLT will continue to monitor and review its achievements to ensure it contlnues to meet Its airns. 3. FINANCIAL REVIEW The financial statements have been prepared In accordance with the Housing SORP 2018. Under this SORP the capitrl Brant from Homes England used for the purchase of hnmp.s In Houglrton Gardens, is classified as deferred Income in the Balance Sheetwith a proportion beingtaken each year to the Income and Expenditure account. A150, under thls SORP, the Income and Expenditure account is titlp.f4 thp. Statement of Comprehensive Income and the Balance Sheet is called the Statement of Financial Position. In addStion, we have included a Statement of Cash Flows. The principal financial management poli¢i•s in force •re wri fE Fknxnr.ial Controls Policy, Monitorin¢ and Review Pollcy and WCLfs Reserves Pollcy. 3.1 Financlal p051tbon at thè end of the perlod We are reporting a surplus for the yeaT of £5,34812020121 surplus of £7,780). The Tnjst's operating performance In thls fin(Iniial year h65 been con5i5tent wlth prior years. The cosh position at the end of the year was vgry strong as a result of grant income unspent during the year and the cash donation made in the previous year that is still held in our accounts. The surplus was

Wickham Commltnity Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statements for the year ènded 31 March 2022 Company Reg. No.. 06608621 Charity Number.- 1134897 planned to be lower through the payment of a deposlt1£205,ocKII or the purchase of 10 homes in Wykeham Vale, Wickham betore year end butthis payment fell just outside Ihe Flnanclal Year, In Aprll '22. Thg Sums ar carried forward irt anticipation of thp tr¥n%xrtlnn bp.ing completed successfullv during FY 2022123. The deposit amount is half of the total grant agreed with the Council towards this projert, the remaSnder due on practical completion of the units. Cash has remained high during the year as a SuIt of the delays in completlng the purchase of homes In Wykeham Vale.

.2 Reser¥ WCLT 's Reserves Policy states the Trust's Intention to hold reserves to the equivalent of at least 6 month5, of normal operating costs Sn order to.. ensure continuity In meeting the needs of beneficiarles and the Charitls flnanclal obllgations pn%urp the Charity can bridge cash flow problems in Deriods of chan£eover whe benefltlaries leave or move into properties or rental income drops at such times maintain and develop Its charitsble artivities. In line wlth Charlty Commission guidance thi5 poll¢v was reviewed in July 2021 and will be reviewed annually. As at 31 March 2022 the Trust held reseNes of £351,85112020121.. £346,503). The reserves held at the end of the Financial Year are the equivalent of 113 months, operating expendltLITe. 3.3 Principal Fundlng Sources 3.3.1 Lenders in the periotl were as follows.. Charlty Bank Winchester City Council Hyde Group 3.3.2 Donatlons.. None 3.4 Rental Incom• 3.4.1 Rental Income from the four rental properties has provided a steady Income throughout the financial year. There were no void periods. 3.4.2 Rèntal Income from shared ownership homes also provided a Stea0 income. 3.5 Expendlture 3.5.1 WCLT has continued to be cautlOU5 Wlth its expenditure and at the end of the period finantes remained healthy. Our budgeting reflects increased maintenance costs. Otherwise,

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Ststements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 expenditure in this financlal year has been predominantly on administration, legal and financing fees and Insurance and the Trust continues to track closety to its original financial model. 3.5.2 Legal costs regarding the Wykeham Vale project were incurred and represented the most significant single operatlng cost to the Trust. These costs will continue into the followin8 year but will have to be met from reserves as a resuli of the closure of the Communlty Housing Fund. 3.5.3 All payments are governed by WCLT'S Financlal Controls Policy and 3ny repayment of expenses to directors is made according to the re8ulations laid down in that policy. 3.6 Risks 3.6.1 The Trust, by the very nature of its business model, is dependent on rental revenues nd ort external finance, and will thu" remain exposed to potential increases in nterest rates. Risk Appraisa15 constantly review the situation, but by the end of the financlal year it was becoming clear that interest rates would rlse, led by changes to Bank of England base raTe. Lendlng arrangements m¢ide wiLlI Tiiudv) Bdiik regai"diiig Wykeham Vale prope.rty pÈJrchasÈs are at 3.0% above base rate. Continuous modelling condurted during the year demonstrates that existing and new busines5 can stlll return 5urplu5es even at base interest rates rising up to circa 2.0%. Above that level it may be iieLe55ary to di3CU35 remedial arransemert$ with lendcr5 3.6.2 Succession planning features in the Trusys regular risk appraisal. 3.6.3 Plans for future involvement in other Sltes (see 3.10 below) a150 feature within our regular assessment of risk. 3.6.4 The impart of the Corona viru5 pandemic on our tenants has been closely monltored and support offered to thern should the need arise. The Trust 55 pleased to report that no issues arose during the year or in the months followlng Sts close. 3.6.5 The voluntary affordable homes sector 15 dependent on support from the government. The Trust has benefitted in paqt ypArg from the availability of the Comrnunity Hous&ng Fund ICHFI. The Trust has continued during the year to try to persuade the government to expand provision of grants for which it might be eligible but in view of the worsening econofflic clSmate it is unlikely t9 See a positive result. 3.6.6 The Government has absolved Community Land Trusts from the riEhtto buy thataffects other forms of affordable houslng provider. If this were to change it would impact the Trust's charitable objects and so this rlsk Is constantly under review. 3.7 Investment As part of the origin31 loan terms with Charity Bank, WCLT has £8,443120120121.. £8,4?Al In a Charity Bank Deposit Arcount. Although Charity Bank has been sufficiently satisfied wlth the soundness of WCLfs performance to lift this condition WCLT chooses to retain thi5 deposit. 3A FundroSsin8 artlvStles WCLT has not undertaken any active fundraising in the course of thls financial year.

Wickham Communlty Land Trust A Registered Charity and Company Llmlted by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2022 Company Reg. No= 06608621 Charity Number: 1134897 3.9 Event$ subsequent to thls report period 3.9.1 The two rent revièws ¢ond(trted In the year. oné for the rental proport1•s and one for thsb shared ownership homes, were conducted in the last quarter of this report period, with implementstion following in the subsequent reportlng period. 3.9.2 nie Trus1 lTrti) ¥iii¢ied iiilo a purchase contract with Aste¥ Home5 for tht purchase of the 10 homes in Wykeham Vale and looksforward to allocating deserving tenants to the properties in 202V23. S.IV Vlans for the forthcoming yeaf n addition to the ongoing management of WCLfs existing properties, the Trusvs activities in 202212023 wfill be heavily influenced by progress on projects to expand its portfollo of affordable hornes. 3.10.I CoTnpletion of arrangements to purchase 10 homes In the Wykeham Vale projett. The opportuniry for The TfiJsT TO be Involved has been well 5upport¥d by tlit IuLÈtl duLliuriLvi the developer and the RSI. purr.hasing the majority of affordable units together with Triodos Bank 50 that ai year end the final Steps in negotiations were under way and fulfilment of these is expected In the months irnmediately following the year end. 3.10.Z Di>ius>iyii> ¥vltli both WinGhe3ter City Countil and I lomes InslDnd to develop option- for WCLfs acquisition of 20 further homes on a Horne5 England site at Knowle, nearwlckham, were flagged in last yearfs report. The Trust will continue to pursue these in the next period. 3.10.3 WCLT has continued its ex¢Èllent Wctrking arrangements wSth developerslhousing association5 bidding for involvement in the above sltes. 3.10.4 At each step of the way, WCLT carefully appraise any financial and viability risks involved In these new openlngs 3.10.5 WCLT has addressed issues of staling ijp to A*xl wlth thp.qp. PDtpntial developments and recruiting extra trustees to cover Increased workload andlor to employ a member of staff to asslst with the increased admSnistrative work. 3.10.6 The Trust wlll be mountin8 a catnpaign to Inform more widely Ioc31 people of the Trusys work. start a "friends" of WCLT group and encourage donations. STRUCTURE, GOVERNANCE AND MANAGEMENT 4.1 Governiffd Document Wlckttam Community Land Trust IWCLTI 15 reglstered In England and Wales 05 d CviTIPdliY Liniited bv Guarantee with charitable aims, with the governing documents beSng Memorandum and Artlcles of Associatlon. It was reglstered as such on 2nd June 2008 4.2 LÈgal Deflnltlon of a Community Land Trust under Housing & R•8eneratlon Act 21x18 WCLT meets the legal defInlOn of a cOmrnuny land trust as defined by the Act.

Wlckham Community Land Trust A Registered Charity and Company Limlted by Guarantee Trustees, Report & Financial Ststements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 4.3 Members and Membership Sub5criber5 to the Mew¥Torandum and Artlcles of Association were the fir$t members of the Charity. Membership is open to other individuals or organlsations who apply to the Charity in the form required by the Dirertors and who are approved by the Dlrectors. The Board hopes to recruit new members in this way as part of its succe10n planning. There is one cla55 of membership. Person5 Wlth Significant Control.. WCLT keeps a register in which to record such but at present the POSltion is Nll. In accordance wlth our Confllcts of Interest Policy all directors are required to complete annually a Register ol Interests. There have been no changes to the composltion of the TnFSt Board during the year. Any local authority appointrnents should be malfitalned at less than 20% of the total board. There are currèntly no LA appointmnts rgpr•$4nt•d on the Board. 4.4 Dlrector Induction, Trainlng and development Dircrtors are provided with a Trustee Role Description 3nd ask•d to S8n a Trustee Code o* Condurt and to cornplete a Declaration in respect of Individual Voluntary Arrangements, bankruptcy and unspent convictions. All directors have a copy of the Charity Commisslon publication Yhe Essential Trustee.. what you need to kno. Updates In the Charlty Cofflwni55iOll'5 New)l¥ii¢fS are dl55emlnated to Directors during the year. Suitable opportunities for development throu8h attending courses, conferences or serninars are Identified and supported at Board level. 4.S Or8anlsa¥onal and Structural Matters 4.5.1 Day to Day Manageme The day-to-day managpment of WCLT is undertaken either by an executive committee or by the Housing SLtb-commee. The executlve committee consists of the Chairman, Nicol Holladay, the Company Secretary, Anthony Raymer, and the Vice Chairman, Geoffrey Pliillpott5, Wlth involvement of the Financial Director where relevant. The Housin8 Sub- Cornmittee is made up severally ()f Geoffrey Phillpotts, David Thornpson, Christopher Cook, Jane Isaac and Wendy Greenish to deal with individual housing matters and the allocation ot propertles and they are called upon on a more ad hoc basis dependlng on the skllls required andtheirtime avallatJle. Otherdirectors accordingto theirskills and roles are called on as per actlons agreed at meetings. Directors are regularly updated on current ISSUÈS at the board Meetings and all major and poliry deci5ion5 are taken by the board. io

Wickham Communlty Lanil Trust A Registered Charity and Company Limited by Guarantee Tru5tees' RepDrt & Financial Ststements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 4.5.2 Code of Practlce WCLT has its own Code of Practice and Flnèncial Viability, based on that of the Housing Regulatorfs Standard, which the Board deems appropriate to the organisation, size 4nd role as 0 ntsn-profit rest5tered provtder. 4.5.3 Code of Governance has its own Code of Governance based on that of the Charity CommlssSon. 80th thls and the Code above set out the fundamental value5 which underpin WCLfs operatlon and agalnstwhich the Board can a$5ess the effectlveness of itsBovernance arrangements and operation. 4.5.4 WCLT'S master ten¥ncy documents are In line with current legislation. 4.5.5 Asset Register WCLT manages Fts resources prudently to ensure its viability and actively assesses and manages rssk. Whilst our properties have not been revalued In the accounts (see accounting policy h) a valuation carried out in April 2018 at the behest of Charity Bank showed that all the properties have a market value well In excess of cost and these market values have been noted in the asset re8iSter. 4.5.0 Daia Protectlon: In Ilne wlth curreni leg151atlon on fjDPR WCLT ha5 audiied the dara It handles. It has published its Privacy Policy and the Board receives a Data Protection report at each meeting. 4.5.7 Rlsk Management Consideration of WCLT'5 Risk Appraisal is led by Trustee David Thompson and embedded as a regular item in Board Meetings and the Board 15 satisfied that WCLfs consideration of risk Is sufficiently informed to encompass ¢onsideTation of both internal and external matters and that WCLT has complied wlth regulatory requirements to date and will continue to do so In the foreseeable future. 4.5.8 Insurance: WCLfs cover provSdes for Directors, and Officers, Liability Insurance, Public 3nd Products Liability Insurance, Property Owners, Llability Insurance and Buildings Insurance. WCLT holds NHBC certification for all its eight properties. 4.5.9 Legal il Now tonant$ ar• lttltlally offered our Starter Only Assured Shorthold Tenancy. and progress to a five-year Fixed Term Assured Shorthold Tenancy after a satisfartory probationary period. Sil Shared Ownership Agreements are based on the Homes England Model Lease for Protected Areas, wlth stai¥-casing restricted to 80%. iiil Our tenancy agreernents are reviewed and endorsed by our legal advisers. 4.6 Relatlonships wlth related partles 4.6.1 Charlty Commlsslon: WCLT 15 o rcsi5tcrcd charity Irc614tr)tion 12th March 20101. WCLT submits an Annual Return to the chartY Commlssion and is in receipt of its informative Quarterly Newsletters. 4.6.2 Homes EnBland and Kegutator of social HOUSiII8- WLLI is registered as a non-profit pr*vate re8lStered provider of social housin8 Wlth the regu13ting body. WCLT in tÈrms of reBlatin counts as a small provider. A5 a Registered Provider WCLT reports to and reiVeS athjice from the regulator and submits its Statistical Data Return under NRosh+. 4.6.3 WCLT, iliiuu¥li IL> uwii puliLy doLUI))èiits atid piocvsses, botli seeks to meet the re8ulato¢s Economi¢ Standards and to reflett its Consumer Standards. These underpin WCLT'S operations and throughout thi5 financial period WCLT has sought to maintain and review its performance against these operating standards. 4.6.4 Hyde HouglnzAssoclatlon: Wtth WCLTownin8 It5 CLITrent portfolio of propertlco On o sharcd site with Hyde Housing Association communication between us is important. li

Wickham Community Land Trust A Registered Charity and Company L4mrf(ed by Guarantee Trustees, Report & Financial Ststements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 il The working relationship between WCLT and Hyde's local housing management team Is essence co-operative and effective. ill communicaTlon wlth Hyde Group's centra115ed department5 can be more diffiiult. WCLT strives to keep the channels of communication open and effectlve but 5ucce55 in communication with Hyde Housing's Service Charge and Income Departments can be patchy in respect of Estate Charges (see section 6 below.. Funds held a5 CUStodian trustees) 4.6.5 Winchester Clty Council IWCC) WCLT'S relationship with Winchester Clty Cot2ncil has strengthened further in the year through its contributions To the local authorltvs communlry led housing initiatives. WCLT continue5 to report to Winchester City Council and provide it with allocation dats on its homes so that together wlth the zone agent, Radian Group (see Radi3n Group below), an up.to-date picture of housing need in the area can be maintained. To comply with s106 arrangements covering Wykeham Vale, WCLT has submitted a revised Allocations Policy to WCC in order to allow it to provide afftirdable home5 on that 5Ste. The revised polity has been agreed and cayne into force during the year. 4.6.6 Radian Group.. WCLT Is party to a service level agreement with the Local HomeBuy Agent, Radban, forhousing in WTchoster Civ5 district. As part of this. their onlln• prnpptywph%itp for the area, originally HomesinHants and now "HelptoBuySouth", advÈrtlses WCLT'S affordable homes. puts potential applicants in touch with WCLT and notifie5 WCLT of the waFting Ilst for homes in the area. In turn WCLT provides Radian wlth WCLfs alloution data. 4 6.7 National CLT Notwork INCLT) WCLT is a member and both benefits from this membership and actively support5 the NCLT in its work. 4.6.8 Infomiati¢>n Commlssloner and the Housift8 Ombudsman: WCLT is registered with the former in respect of Data Protection and, a5 a providor of social housin& is registered with the Housing Ombudsman Service. 4.6.9 Wl¢kham Parish Council., WCLT maintains its Ilnks wlth Wickham Parish Council with communications with the Llerk tothe Parish Coun¢ii and Indlvldual counclllor5 and exhlbltEd at the Parish Assembly in May 2020. 4.6.10 Hampshire Home Cholce: in order that the Trust can offer homes on Wykeham Vale to qualifying tenants, its allocations and nominations policy has been revised to satisfy the requirernents of the s106 agreement 8overriing iliE provision of affordable homes on the itg. Intr nllo. this required the Trust to sign up to advert15e affordable vacancies to local people through Hampshire Horne Cholce. 5. REFERENCE AND AUMIN15TRATIVE DETAILS OF THE CHARir Charlty N&me'. Wickham COmmnity Land Trust Charity Re8lstratlon Number: 1134897 Momes England Reg5stered Provlder.. 4692 Company Registration Number: 06608621 12

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2022 Company Reg. No= 06608621 Charity Number- 1134897 Re8lstered Office and operational address.. The Old Post Office, Station Road Wlckham. Hampshire. P017 SJA. Correspondeno add55. P.0. Box 739, Fareham, Hants, P014 9RH. Board ol Dire¢tots.' Mr. N. A. Holladay Mr. G.5. Phillpotts The Reverend A. J. smith Mr. A. RayrnÈr Mr. C. Cook Mr. E. Fitzgerald Mr. O.R. Thompson Th• Reverend Janè Isaac John the Bapt15t, Shedfield. Mrs Wendy Greenish Chairman Vlce Chairman Finance Dirertor Director and Company Secretary Nomlnee of Benefice of St. Nlcholas, Wickham and St. ÈankÈrs.. Natwest $2 West Street. Farèham. Hants. P016 OJX Le8al Ad¥Esers: Anthony Collins Solicitors LLP. 134 Edmund Street. Birmingham, B3 2ES Audltors: Rothmans Audit LLP, Statutory Auditors and Chartered Accoyntants. Avebury House, St Peter Street, Winchester, Hampshire, S023 8BN. Chartered Surveyors.. Chandler Hawklns IPort5mouthl Hon. Advlser: Capt A. R. Robinson, RN ManagingAgent: Byrne Runciman, Estate Agents, The Square, Wickham, Hampshire, P017 SJT 6. FUNDS HELD AS CUSTODIAN TRUSTEES 6.1 WCLT levies certait) monthly rhArEp¢ from their tenants.. il ServSce charge5 for Maintenance and Sinking Fund together with an administrative and accountlng costs fee ill Estate ServSce Charge for grounds maintenance undertaken by Hyde Houssng and payable LV LlieTTI vii iTivulL¢. Tliere 15 a collection fee &3>1ted with thi. 6.2 Ag custodian of funds held on behalf of others WCLT has two Client Accounts Into which to deposlt sum5 rplated to il and 111 above.. il Sums related to the Genoral_£p.rvice Charges and Estate Service Charges are Dald into current account. 13

Wickham Community Land Trust A Registered Charity and Company tsmitod by Guarantee Trnstees, Report & Financial Statements for the year ended 31 March 2022 Cornpany Reg. No.. 06608621 Charity Number.. 1134897 ill Contributions collected for the Sinking Fund are placed in an interest-earning Business ReseNe Account. 6.3 General Service Charge. WCLT, In its review of rents and servlce charge5 in February 2020 declded again to increase the levy rate for Sinking Fund to allow for inflation at 1.7%. This Increase of the General service Charge came into effect from May 2021. 6.4 Estate ServSce Charge: 6.4.1 WCLT continues to have a le5S than straightforward Wofking relationship wlth Hyde on the matter of these charge5 anLI arrangemenTS, though eventually belng reSDlved, have remained eomplicated by the diffl¢ulty of reaching appropriat@ staff 6.4.2 As in previou5 years, arrangements with Hyde Housing In respect of Estate Service Charges have not run 5rn00thly desplte constant efforts. Neverthele55, the Trust makes adequate provisions to meetthe charges which eveniuèlly Bre commLtnlcared to us and aftér various corrections that need to be made, annual costs arp. agreed and paid. We regard that, after several years, experience, budget5 are predlctable, provisions are adequate, and expenditure is under financSal control. 7. CONCLUSION WCLT has enjoyed a period of consolidation and frustration. The Tnjst has concentrated on managing its properties as well as ptssslble for the individual residents and with regard to the long-term aims of the Trust. But ftU5trdtiDn hd) beEii iaused by the delays in completion and pur¢h•se of the 10 homes Sn Wykeham vale, for reasons covered above. From a sound flnanclal base, WCLT has been able, however, to rnaintain Its interest Sn the new prciperties and these wt55 come into the CLfs possession in FY 2022123. WCLT'S involvement in communitv led housinR will remain crucial to this community because it is able to accornmodate local people in perpetuity. The addition of the 10 homes on the site tl) the Trust's portfolio is a major step forward in the growth of the service to local people In need that remains at the heart of the Trust'5 objertives. WCLT is very grateful for the support of local people and those organisations with which we have worked over the las[ few years. We partlcularly dppreL141le Llie dl)LJ sometimes special w¢rklng relationshlps with these 5UPPOrtive organisations. Slncere thanks are also due to the dsrectors who have given their time and expertise generoLssly and voluntarlly to Push WCLf5 Bv41s forward. WCLT 15 grateful to those diTectors who are keen tts contlnue into next financlal year. STATEMENT OF DIREcfoRS' RESPONSIBIUTIES The direttors are responslble for preparing the Annual Report an¢J the flnancial Statements in accordanrB with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 14

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Finan¢lal Statements for the year ended 31 March 2022 Company Reg. No-. 06608621 Charity Number.. 1134897 Company law requires the directorsto prepare financial statements for each financlal year which give a tnje and falr view of the state of affairs ot the c17aritab5e cornpany and of the Incoming resources and application of resourc&&, includin8 the income and expenditure. of th@ tharltable company for that pefSod. In preparing these financial Statements, the dlrectors ère required to.. ensure continulty in meetlng the needs of beneficiarie5 and th¢ Charitl. flnancial obligations select suitable accounting policie5 and then apply them conslstentlv obserne the methods and principles in the Housing SORP mFke judgments and Cutimotco that or¢ readonable and prudent state whether appllcable UK Accountin£ Standards have been followed, subject to any material departures disclosed and explalned in the financial statements,. and prepare the fSnancial statement5 ori the going concern basi5 unles5 It Is inappropriate to pre4ume that the rharltable company will continvg in buslnoss. The directors are responsible for keeplng proper accounting records that disclose with reasonable accuracy dt iLioii of tlie cliaritable company and enable them to enyure thèt the financial statements comply with the Companies Act 2006, the Charities Act 2011, the HousinE and Regeneration Act 2008 and the AccoLnting Direction for private registered providers of social housing in England 201Y. Ihey are also responsible for safeguarding rhe assets of the charltable comp3ny and htr)c• fnr tAklng rpA<nn2hJp for the prevention and detection of fraud and other irregularitles. In 40 far as the dire¢tors are aware: there is no relevant audit informatlon of which the charitable companls auditor is unaware; and the director5 have taken all step5 that ihEV uu8111 io have taken to make them5elve5 aware of any relevant audit information and to establish that the auditor 15 aware of that informatlon The dlrectors are responsible for the rnaintenanee and inte8rity of the corporate and financial Informatlon included on the charitable companrfs website. Legislation In the United Kingdom governing the preparation and dissemination of flnanclal ststements may dlffèr from legislation in otherjLtrisdictions. This report has been prepared in accordance with the speclal provlsions of Part 15 of the Companies Att 2006 relating to small companles. On behalf of the board. Anthony Raymer Dirprtnr 2nA fnmrjany Secretary 20 Septernb8r 2022 15

Wickham Community Land Trust A Re8lStered Charity and Company Limited by Guarantee Tru5tees' Report & FSnanclal Statements for the year ended 31 March 2022 Company Reg. No.- 06608621 Charity Number: 1134897 Independent Audltorfs Report to the Members of Wickham Community Land Trust Opinlon We have audited the financial statements of Wickham Community Land Trust Ithe TfUSt'I forthe year ended 31 March 2022 which comprise the statement of Consolidated Income, the Statement of Financial Position, the Cash Flow Statement, the Statement of Changes In Reserves and notes to the financial statements, including slgnlficant accounting policies. The financlal reporting framework that has been applied In Their preparatlon Is appllcable Idw dnd Urilled Kiii¥duTTI ALLvuiiliii¥ Stsiiddids, including Financial Reportine Standard 102 Th8 FinancialReportino Stondard opplicoble in the UK(Jnd Republlc of Irelund (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Trust's affairs as at 31 March 2022, and of its income and expenditure, for the year then ended,. have been properly prEpdrEd iri dLLvrddiiie willi Uiiit¢d Kin8dom Generally Aiopted Accounting Practice,. and have been prepared In accordance with the reqltirements of the Companies Act 2006, the Housing and Regeneratlon Att 2008 and the Accounting Dlrertion tor private registerèd prowderB of 60¢141 housin8 in En813nd 2019. Basis for opinion We ¢onducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5ponsibS1ities tsnder those standards are further described in the Auditorfs re5ponsibilitles for the audit of the tinancial statements sertion of our report. We are independent of the association in attordance with the ethical iequirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibllitles in accordance wbth these requirernents. We belleve that the audit evidence we have obtained is sufficient and approprlate to provide a basis for our opinion. Conclusions relatlng to going concwn In 3uditing the flnanclal statem•nts. haw concluded that tho board's iiqp nf thp gning r.nntprn basis of accountin8 In the preparation of the flnanclal statements is approprlate. Based on the work we hove performed, wc have not identlfied any materi31 untertaSntles relatin8 to events or condltlons that, individually or collectively, may cast significant doubt on the associatitsn's ability to contintie as a going concern for 8 period of at least twelve months from when the financial statement5 are authori5ed lor issue. Our responsibillties and the responsibilities of the board with respect to golng concern are described In the relevant sections of this report. 16

Wickham Community Land Trust A Registered Charf(v and Company Limited by Guarantee Trustees, Report & Financial Ststements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number: 1134897 Independent Auditorfs Report to the Members of Wlckham Community Land Trust (continued. .) Other Informatlon The Ilirector5 are responsible for the other information. The other information cornprise5 the information included in the annual report,. other than the financial statements and our auditor's report thereon. Our opinion on the financial ststements does not cover the other informatlon and, exceDt to the extent othenvise explicitly stated in our report, we do not express anyform of assuTan¢e concluslon thereon. Our r&sponsibility is to read the other information and, in doing so, conslder whether the other informatlon 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnlsstaied. If we ideiiLify 5ucli material in¢onslstencie5 Qr apparent material misstatements. we are required to determine whether there Ss a material mi5Statement In the financial Statements or a material misstatement of the other informatlon. If, based on the work we have performed, we conclude that there Is a motemal m155LdLeFii¥iiI of thi5 other information, we are requSred to report that fart. We have nothingto report in thi5 règard. Oplnlon on other matter prexrfbed bv the Companies Art 26 In our opinion, based on the work undertaken in the course ot the audit: the information given in the dlrectors, report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report has been prepared in accordance wlth applicable legal requirements. Matters on which we are requIr to report by exceptlon In the light of the knowledge and understanding of the Trust and Its environrnent obtained in the course of the audit, we have not Identified materi41 misstatements in the dirertors. feport. We havo nothingto report In respect ofthe followinR matterswhere the Companies Art 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept or returns a(Jequatp fur vui dudlt liave not been received from branche5 not visited by us.. or the financial statements are not in agreement with the accounting record5 and retums,. or certain diselosure5 of direttors, remuneration specified by law are not rnade,. or we have not reEEiv¢d dll the informotion and explanations we requsre for our aiidit. nr the dirertors were not entttled to prepare the financlal statement5 in accordance with the small companles reglme and take advantsge of the small companies exemption in preparing the directors, report and lake advdllL¢l¥¥ vf tlie s1)iall compantes cxcmption from tho r8quir*ment to ppare a strategic report. In addition, we have nothing to report in respea of the fDllowlng matter where the Houslng and Regeneration Art 2008 requires us to report to Yoii If, in tjur opinion.. a 5at15factory system of control over transartions has not been maintained. 17

Wickham Communlty Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2022 Company Reg. No- 06608621 Charity Number: 1134897 Independent Auditorfs Report to the Members of Wickham Community Land Trust lcontinued...) Dlrertor< responslbllltles As explained more fully in the director5, responsibillties statement set out on pages 14 and 15, the directors Iwho are also the trustees of the charitable company for the purposes of company lawl afe responslble forthe preparatlon of the flnancial statement5 and for being 5at15fied thatthey give a true and f3ir view, 3nd for suth internal control as the directors determine are necessary to enable the preparatSon of financial statements that are free from material misstatement, whether due to fraud or error. In preparin8 the financial statements. the directors are responsible for a55essing the Trusys ability to continue as a going concern, disclosln& as applicable, matters related to going concern and using the going concern basls of accounting unless the directors either intend to liquldate the Trust or to cease operations, or have no reallstlc afternative but to do so. Audltorfs respon51bllitle5 for the audit vf the financlal ststements Our oblectives are to obtaln reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thatan auditconducted in accordance with ISAS IUKI will always detect a material mi5Statement when it exist5. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Infiuence the economic deci5ion5 of u5eTS taken on the basis of these financial ststements. The objectives of our audit, in respect to fraud, arè to Identlfy and assess the risks of material misstaternFnt of thp finxnr.ixl txtp.mgntg due to fraltd. tD obtain sufficientappropriate audlt evlden regarding the assessed risks of material misstatement due to fraud, through designing and Implementing appropriate responses and to respond appropriately to fraud or susperted fraud Identified during the audit. However, the prlmary responsibility for the prevention and detectlon of fraud rests with both those charged with governance of the entlry and management. In Identifyin8 a35¢5sing risk of materlal mlJJtstement in rejpert of Irre8ul&rftle5, ineludlng fraud and non-compliance with laws and regulations, our procedures include the following.. The exTenT ro whlch the audlt wa5 con51dered capable of dvtertlns ITregularltle5 In£ludln¥ frdud Our approach to identifying and assessing thè risks of material mi5Statement in Tespect of irregularltles, Including fraud and non-compliance with laws and regulations, was a5 follow5.. TIIE gll¥d¥glTi¥iII y¥1 Liier rii&uied tliat tlie eii8a8emeiit team collettively had the appropriate competence. capabilities and skills to Identlfy or recognise non-compliance with applicable laws and règulations We obtalned an ynderstsnding of the legal and re8ulatory frameworks that are appllcable to the Tru9t and those law5 and re8ulatlons that had a dirott effect on the financial 5tAt•mpnts. 18

Wickham Community Land Trust A Re8lStered Charity and Company Limited by Guarantee Trustees, Report & Flnancial Statements for the year ended 31 March 2022 Cofnpany Reg. No.. 06608621 Charity Number.. 1134897 Independent Auditorfs Report to the Members of Wickham Communlty Land Trust (continued...) We focused on speclflc laws and re8ulation5 which we consldered may have a dirert rnaterial effert on the financial statements orthe operations of the Trust, Including FRSIO2, the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private reglstered providers of social housing in England 2019. We assessed the extent of ct)mpliance with the laws and regulatlons identified above through making enquiries of management and inspecting legal CL>rrespondence and the Sdentified law5 and re8ulations were communicated within the audit tearn regularly anil the team remained alert to instances of non-compliance throughout the audit. We a55essed the susceptibilty of the companrfs financial statements to material misstaternent, Including obtainin8 an understanding ot how traud might occur, by: makin8 enqulries of management a5 to where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleRed fraud- and considerlng the internal controls in place to mitigate risks of fraud and non-compllance wlth laws and regulatlons- To address the risk of fraud through management blas and override of controls, we.. performed analytical procedures to identify any unusual or unexpecte(I relatlonships tested journal entries to identify unusual transactions investigxtpd th• rationale bÈhlnd SiEnificant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed rocedures which included, but were not limlted to.. agreeing financial statement di5¢1osures to undertyinB supportlng documentatlon reading the minutes of meetings of those charged with govemance enquiring uf Illdlld¥viiiviiÉ as to actu61 and potential litl8ation ond clalms reviewing correspondence with relevant regulators, including Hornes England and the Regulator of Social Housing and the companvs legal advi50rs,' and reviewed legal and professional expenditure incurred in the year. There are inherent limitations in our audSt procedures descrlbeil above. The more removed that laws and regulations are from financial transactions, the less likely It is that we would become aware of non-compliance. Auditlng standards also limit the audtt procedures required to Identify non- compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, If any. Materlal misstatements that arise due to fraud can be harder to dètert than those that arise from error as they may involve deliberate concealment or collusion. A further de5criptlon of our responsibilitie5 for the audlt of the fTrnan£ial statement$ is located on the Financial Reporting Council's webslte at: www.frc.org.uklauditorsresponsibilities. Thi5 description forms part of our audltor's report. 19

Wickham Community Land Trust A Re8lStered Charity and Company timited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number= 1134897 Independent Auditorfs Report to the Members of Wickham Community Land Trust (continued...) Use of our Report This report is made 501ely to Wickham Communlty Land frusys members, as a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Art 2006 and sectSon 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken 50 that we might state to the Trusys members those matters we are required to state to them In an auditor's report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibility to anyone other than the a55Dliation and the Trust'b IiierTibers as a body* for our audit work, for thi5 report, or for the opinions we have formed. 29 September 2022 Susan SullNan FCA (Senior StstutoryAudltorl For and on behalf of Rothmans Audit LLP Chartered Accountants and Statutory Audttors Avebury House 6 St Peter Street Winchester Hampshire S023 8BN 20

ckham Community Land Trust A Registered Charity and Cornpany Llmlted by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2022 Company Reg. No: 06608621 Charlty Number: 1134897 Statement of Comprehensive Income For the year ended 31 March 2022 2022 2021 Nole Tumover Operating expenditure 50,427 137,3711 72,925 157,4571 OpcrFJtin6 Surplus 13.056 15.ÈW Interest receivable and other income Interest PdV¢ible dnd financing costs 18 17,7261 75 17,7631 IDeficltllSurplus oft ordinary xtlvltles before tixa*iL Taxation 5,348 7.780 IDefidt)ISurplus forihe year and tthal comprehensive income 14 5,348 The results relate wholly to contlnulng artivities. The accompanylng notes form part of these financial statements. The financlal statements were approved and authorlsed for i55ue by the Dirertors on 20 September 2022 and signed on their behalf bv Nicol Holladav Chairman & Directoi Geo Dir rey illpotts 21

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 Statement of Financial Position As at 31 March 2022 31 M•r¢h 2022 31 Mar¢h 2021 Note Flxed assets Tangible lixed assets 686,253 698,555 Curr¢nt assets Prepaid expenses Cash at bank and in hand 3,969 531,572 535,S41 3,748 523,128 526,876 Cnditors - Amounts fallin8 due within one vear {226,5261 121,2481 Net current assets 309,015 505,6Z8 Tot31 aÈs•ts less curr•nt Ilabiliti•s 995.268 1.204.183 Creditors - Amounts falllng due after more than one year Provisions for Ilablllties io Ibi4J491 1847.7071 13 111,0681 19,9731 Total Net asset5 351,851 346,503 Reserves ncome and expenditu reserve 14 35L851 346,503 Total Reser 351,851 346,503 These accounts have been pr¥bpared in accordance with the provisions appllcable to companies subje¢t to the small companies, regime. The financial statements were approved and authorised fnr issue by the Directors on 20 September 2022 and are slgned on their behalf bv Nicr)I ada¥ Chairman & Director Geo Dir potts ctor Thc notes on pages 25 to 34 foyrn part of these accoiints 22

Wickham Community Land Trust A Registered Charlty and Company Limited by Guarantee Trustee5' Report & Financial Statements for the year endèd 31 March 2022 Company Reg. No.. 06608621 Charity Number: 1134897 Statement of Cash Flows For the year ended 31 March 2022 Note 2022 2021 Net cash generated from operating artivlties 15 17.452 11,7741 Cash Flow from Investln8 Artl%rfties Interest received i¥ 25 Cash Flow from Flnancing Artlviiles Grants and donations received Interest pald and other finano costs 11,3001 17,7261 22,095 17,7631 Npt r.hange in cash and cash equivalents 12,583 Cash and cash equivalents at the start of the year 523.128 510,545 -h cqylvalente 3t thè ond of thg y•ar 53LS72 523.128 23

Wickham Community Land Trust A Registered Charlty and Company Limlted by Guarantee Trustees, Report & FinancSal Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number= 1134897 Statement of Changes in Reserves In¢ome and expendlture reseNè Total At l April 2020 Surplus for the year Total comprehensl¥e income At 31 March 2021 and l Aprll 2021 Surplus forthe year Total comprehenslve income At 31 March 2022 338,723 7,780 7.780 346.503 5,348 5,348 351.851 74.998 263.725 263.725 338.723 7,780 7.780 346.503 24

Wlckham Communf(v Land Trust A Registered Charity and Cornpany Llmlted by Guarantee Trustees, Report & Financial Statements for the year efided 31 March 2022 Company Reg. No.. 06608621 Charity Number: 1134897 Notes to the Financlal Statements l. Account5ng polle5es al Legal 5totus Wickharn Community Land TTUSt is registered undèr the Companies Act 2006 as a company Ilmited bv guarantee incorporated in England and Wales. It is registered with both the Charity Commission and Homes England as a Registered Provider and Is a public benefit entity- Its registered office Is The Old Post Office, ststion Road, Wickham. Hampshire, P017 51R bl Bt7sis oApreporatii The financial statements have been prepared under thè historic rost conventSon on the going concern basls in accordance wlth the Stst¥ment of Recommended Practice for soclal housing providers known as the Hoiisln8 snRP ?.ni8 in accordance with the Accounting Dlrettion for private reglstered providers of soclal houslng in England 2019 iii accordance with the Charitlc.. Act 2011 in accordance with applicable UK Generally Accepted Accounting Principles (UK GAAPI accounting standards, including Financial Reporting Stèndard 102 IFRS 1021 in accordance with the Companies Acts 2006. The financlal statements are presented in sterllng which is the functlonal currency of the Trust ar¢d are rounded to the nearest pound. As the Company Is a charity, the wording of the ststutoryformats requlred by the Companies Act 2Q06 has been appropriately amended in older to give a true and fair vlew. The principal accounting policles adopted In the preparation of the financial statements are set out below. cl Significuntjudgements In applying the various accounting policies relevant to social landlords, the trustees have determiTt¥d to careguii5E LI1 l)ou5es owned by the fixed a4sets rather th•n Snvestm#nt prnpprtips. As suth they are shown at cost rather than market value. As house prices have risen slnce the houses were acquired bythe trust thSs means that they are shown in the accounts below market value. dl KtyAs5UmPtions t7nd sources olestimation uncertointy The trustees considerthat there are rio signifiont area5 of uncerthinty in the assumptions they have made that would be likoly tn rxiiw_ a matèrlal change to the carrylng value of any assets or liablllties over the next year. 25

Wlckham Community Land Trust A Reglstered Charity and Company Lirnited by Guarantee TfUStees' Report & Financial Statements forthe year ended 31 March 2022 Company Reg. No: 06608621 Charity Number: 1134897 A¢countin8 pollcles fcontAnued} el Funds structure Unre5trirted funds are available for use at the dixretlon of the Tru5t¢es In fvrtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the Trustees for particular purpose5. Restricted funds are subjected to rèstrlctions on their expenditure Smposed by the donor or through the terms of an appeal. fj rurnover Turnover comprlses rental income receivable in the year, service charges receivable in the year and Incomefrom shared ownership first tranche sales. Income from flrst tranche sale5 is recoEnised at the polnt of legal Completion of the Ale. gl Expenditure Expenditure Is recognised on an a¢cruals basls. h) fix¢d ussCt5 Housing properties The company holds four properties available for rent and four properties available for shared ownership. Fixed assets are stated at cost less accumulated depreciation. Dpprprlutit Freehold land is not deprecFated. The company separately identities the major component5 whl¢h comprfse Its hDU51n¥ PlurtIeS Oiid charses depreciation so as to write down the cost of each component to its estimated residual value. on a 5traight-line basis, over its estimated useful economic life. The company depfeclatpq thg rn3jor component5 of its housing proDertles over the following timescales Structure 100 yebrs 60 years 20 years 30 years 15 years 30 years 20 years 30 years Roof Kltrhpn Bathroom Boiler Heatlng System Windows & Doors Electrics 26

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statement5 forthe year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 l. Account5ng pollcles (continuedj Impolrment Impairment review5 are carried out as and when evidence romes to light that the recoverable amount of a functional fixed asset is below its net book value due to damaRe. obsolescence or other relevant factors. il Shured ownershlp properties Shared ownership properties are spllt proportionally between curfent and fixed assets based on the element relatins to firyt tranche sales. The first tranch9 proportion is classed as a current 35g•t rplAtpA %2lp rbrnrppd¢ included in turnover and the remaining element is classed as fixed assets and included in housing properties at Cost, less any provisions needed for depreciation or Impalrment. 11 So¢lo1 Housing Gnint Social housfng grant ISHGI is receivable from Homes England. Under SORP 2018 the company has adopted the accruals model for the recognition of government grant and is required to account for such grants as deferd Income and to take a portion ot the grant to Income each year. (Jrants relating to housing propertle5 are recognised in income on a systematic basis over the useful economic Ilfe of the housing property structure. kj ikbtors Lredltors due wirhin one Year Debtots and creditor5 CeiV4b1e or payable whhln one year, and with no stated interest rate, are initially recorded * transactlon price and are subsequently measured at the undiscounted amount of the cash or other consideration expected to be pald or received. IJ Loans und borrowing5 Loans and borrowing5 are initlally recognised at rhe transactlon prlce In£ludlngtran5attion cv&l>. Subsequently they are measured at amortised cost uslngthe effective interest rate method, le55 impairment. The Trust Is Sn receipt of two loans with interest rates below the prevailing market rate of interesr. These loans are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity or publlc beneflt entity parent anil are therefore accounted for as concessionary loans. These loans are initially measured at the amount received and in subsequent years the carrying amount of these loans is adjusted to r¥flELI dfiy dLLrued interest payable. mj Provision5for Lit7brlitles Provisions are recognised when the Trust has an obligation at the balance sheet date as a result of a past event, it is probable that an outnow of econornic beneffts wlll be requlred In settle1[7L diid ili¥ diiivuill Laii be ieliablv estimst8d. 27

Witkham Community Land Trust A Registered Charity and Company Limlted by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 066Q8621 Charlty Number= 1134897 2. Income and Expenditure from So¢lal iettlt 2022 zozi Turnover Interrnediate rental income Shared Ownership rental income Hornès England grant taken a5 Income Homes England revenue grant Charges for support seNlces 31,697 14.215 3,700 11,3001 2,115 31,408 13,987 3.7 22,045 1,785 50,427 72,925 Expendlture Malntenance costs Insurance Void costs Property Management Costs Other co 13,3741 14,1601 16,6661 14,1861 12,6621 127.1751 12,6381 137,3711 157,5471 Rental income is stated net of identifiable seNlce charges. 3. Inknrest recelv4ble and other in¢•m¢ 2022 2021 Interest receivable Insurance claims Donations & grants received 18 25 4. Surplus on ordinary actmtles This is stated after charging.. 2022 2021 AudttTrr'5 remuneration-for audit services AiJditDrfs remunèration- non-audlt SerViS Depreclatlon 3,948 360 12,302 3,924 564 12,302 28

Wickham Community Land Trust A Registered Charity and Company Llmlted by Guarantee Trustees, Report & Financial Statements forthe year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 5. Taxatlon As a charitvi WCLT 15 exempt from tax on Income and gains fallin8 Wlthin seuion 505 of Ihe Taxes Act 1988 or $256 of the TaN3tion of Chargeable Gain5 Act 1992 to thp pxrpnt thxt thosg_ arp. applied tD its ch3ritable objècts. No tax charge5 have arisen in the Charity. Key m#na8em¢nt personnel rcmuneratlon and tmployèOS Key management personnel neither recelved nor waived any remuneratlon durSng the year.12021: £nill. The charity had no emplgyees In the current or previou5 year. 7. Tangible fixed assets Freehold Land and Bulldings- Interniediate Rent FreEhold Lar and 8ulldlngs- Shared Ownershlp Total Cost At beginning of year Addition5 495.7 310.166 805,173 At eiid of year 495,007 310,166 205,173 Depreclatlon At beginning of year Charge for year 166,8731 17,7161 139,7451 14.5861 1106,6181 11?.4021 At end of year 174,5891 144,3311 1118,9201 Net l)ook vulue At 31" March 2022 420,418 Z65,835 686,253 At 31° March 2021 428.134 270.421 698.555 The above assets, Wlth a net book value of £686,253 are pledged as security agaln5t the Twst's loans. 29

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financlal Statements for the year ended 31 March 2022 Company Reg. No: 06608621 Charity Number: 1134897 & Prepaid expenses Z022 2021 Insuran costs Other 3,879 3,660 88 3,969 3,748 9. Creditors- Amounts falllng due within one year 2022 Z021 Bank Loans (note 121 6,687 7,191 3,948 3,700 205,000 Other creditors Accrued expenses Deferred income from Homes England grant Deterred grant from winchester Clty CuuriLII 7.128 3,816 3,700 226,526 21,248 10. CredltOFS- AnK•unts falliTrJ due efter more than one year 2022 2021 Bank loans (note 121 Loans from other instStutions Inote 121 Deferreil income from grants (note 111 217,022 84,794 330,533 224.171 84,302 539,234 847.707 I he loans from orher Instltutlons illv LVTiLvssSon6ry loans with interest ratci bclow the prev3ilinE markèt rAtp. 30

Wickham Community Land Trust A Registered Charity and Company L4mlted by Guarantee Trustees, Repgrt & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 06608621 Charity Number.. 1134897 11. Deferred Grant Income 2022 20Zi At l April Received in the year Rele¢ised LG illLDrne iii yE(11 542,933 546,633 At 31 March Amounts to be reled5ed wlLlilri l yedl Amounts to be released In mnro than l yr 208.700 3,700 12. Bank loans and loans from other Instltutlon5 2022 2021 Due within one year and on demand Due after one ygar but l•ss than two y•ars Due after two years but less than fwe years Due after more than five years 6,687 6.942 22.455 272 418 6,604 fi.fi5E7 21,630 308,502 315,077 The aggregate amount of debt secured upon the intermedlate ntaI properties and the share of shared ownership properties retsined by the trust is £308,502 The loans bear interest in the range of 0% to 3.75%. The Instalment loan is repayable over 25 years and as at 31 March 2022 £272,418 of Instalments were due after more than 5 years. 13. Provlslons for Ilabilhles and ¢haryes 2022 2021 Provision forfuture overhaul 11,068 9,973 Provisions for Ilabilities and charges comprise of amounts Set aside for the future overhaul of the propertles. 31

Wlckham Community Land Trust A Reglstered Charity and Company Limlted by Guarantee rrustees. Report & Financial Statements for the year ended 31 March 2022 Company Reg. No: 06608621 Charity Number.. 1134897 14. Reserves Unrestrlued senerol reserves TDtal rE5EFVE> Balance a5 at l Aprtl 2021 Surpluslldeficitl for year 346,503 346,503 5.348 At 31 March 2022 351,851 351,851 15. Stement of Cash Flows from Operating Artlvities 2022 2021 Surplus for the year Adlu5trnent fDf nDfi-L8s11 Items np.prpciation Increase in defeed income Amortisation of government grant Ilncrea5el in prepayments IDaer•2sellincreas In cr@ditors IDecreasel in loans Increase in pmvlslons Adjustment for investlng and financing ?ctlvity Interest payable and other finance costs Grants repaid/lrecelvedl Interest received 5,348 7,780 12.302 12,302 13,7CQI 12211 195 16,5751 1,095 13,7001 171 16,4271 1,095 7,726 1,300 1181 7,763 122,0951 1251 Net cash generated from Operating attivities 117,4521 11,7741 15a Analysls of changes In net debt 2021 Cash Flows Other thanges 2022 Luri¥ lerm borrowings 315,077 315.077 16,5751 16.5751 308,502 308,502 Cash and cash equivalents Total net debt 1523,1281 18,4441 1208,0511 115,0191 1531.5721 1223,0701 32

Wickham Communlty Land Trust A Reg19tered Charity and Company Limited by Guarantee Tru5tees' Report & Financial Statements for the year ended 31 March 2022 Company Reg. No.. 06508621 Charity Number.. 1134897 16. Attommodatlon In management At the end of the year, accommodation in management for each type of property was as follows: 2022 2021 Shared own•rship Intermediate rent 17. Company Ilmlted byguarantee Wickham Community Land Trust is a company limited by guarantee and has no share capital. A5 at 31st March 2022 there were 9 Ininel members. Every member promises, it the Company is wound-up, to contribute such sum (not exceeding £10) ès may be demandèd of hlm or her towards any deficit. l& Dlrector Infomiatlon No remuneration was paid to the Dlrertors during the year12021'. £nill. 19. rpIts1 tommltm@nts At 315t March 2022 there were no capital commitments12021.' nonel. 20. Related partles During the year, no expenses were reimbursed to trustees12021'. £nill. No expenses were reimbursed to a ompany in which a trustée has an int*r@st. 21. Ultimate controlling party Wickham Community Land Tw3t13 ultlmately contrtslled by the board of Trustees. 33

Wl¢kham Community Land Trust A Registered Charity and Company Llmlted by Guarantee Trustee5' Report & Financ4al Statements for the year ended 31 March 2022 Company Reg. No: 06608621 Charity Number: 1134897 22. Flnanclal Instruments The carrylng amounts of tho Trust'E flnxnclal instruments are as follows-. 2022 2021 Flnanclal assets measured at amortlsed cost.. Cash at bank and in hand 531,572 531,572 523,128 523,128 Financial liabilities measured at amortised cost Other crÈdltors Inote 91 Bank and other Loans (note 121 7,191 308,502 315,693 7,128 315,077 322.205 The total interest income for financial assets that are measured at amortised cost was £1812021= £251. The total interest and finance expense for financial liabilitles that are measured at amortised cost was £1,12b12UII: El,Ib31 34

.2 Reser¥ WCLT 's Reserves Policy states the Trust's Intention to hold reserves to the equivalent of at least 6 month5, of normal operating costs Sn order to.. ensure continuity In meeting the needs of beneficiarles and the Charitls flnanclal obllgations pn%urp the Charity can bridge cash flow problems in Deriods of chan£eover whe benefltlaries leave or move into properties or rental income drops at such times maintain and develop Its charitsble artivities. In line wlth Charlty Commission guidance thi5 poll¢v was reviewed in July 2021 and will be reviewed annually. As at 31 March 2022 the Trust held reseNes of £351,85112020121.. £346,503). The reserves held at the end of the Financial Year are the equivalent of 113 months, operating expendltLITe. 3.3 Principal Fundlng Sources 3.3.1 Lenders in the periotl were as follows.. Charlty Bank Winchester City Council Hyde Group 3.3.2 Donatlons.. None 3.4 Rental Incom• 3.4.1 Rental Income from the four rental properties has provided a steady Income throughout the financial year. There were no void periods. 3.4.2 Rèntal Income from shared ownership homes also provided a Stea0 income. 3.5 Expendlture 3.5.1 WCLT has continued to be cautlOU5 Wlth its expenditure and at the end of the period finantes remained healthy. Our budgeting reflects increased maintenance costs. Otherwise,

SAS/SD/WI054

29 September 2022

The Trustees The Wickham Community Land Trust 25 Dairymoor Wickham Hampshire PO17 5JR

Dear Sirs

In accordance with our normal practice, we are writing to draw your attention to various matters which arose during the course of our audit of the charitable company’s accounts for the year ended 31 March 2022:-

We have no comments to make concerning the qualitative aspects of the entity's accounting practices and financial reporting.
We did not encounter any significant difficulties during the audit and there are no significant findings from the audit to draw to your attention.
A draft of our proposed letter of representation is attached. We draw your attention to paragraphs 21, 24, 25, and 26. In other respects the letter is routine.
A schedule is attached of all the unadjusted misstatements determined during the course of our audit, except for those considered to be clearly trivial. You have advised us that your reasons for not adjusting the financial statements in respect of these misstatements are that they are not material.

For your information we also attach a schedule of adjustments that you agreed should be processed when finalising the accounts.

As you are aware from our letter of engagement, our audit procedures were directed towards testing the accounting systems in operation upon which we have based our assessment of the accounts. We did not identify any significant weaknesses during the course of our audit.
We do not propose any modifications to our audit opinion and hence will be issuing a clean audit report.
We have confirmed to you that the firm does not provide any services to you which may affect our independence.

The firm and the audit engagement team have therefore complied with relevant ethical requirements concerning independence and we confirm that we are independent and able to express an objective opinion on the financial statements.

We would like to take this opportunity of expressing our thanks to you for your assistance during the course of our audit.

Please note that this report has been prepared for the sole use of the Wickham Community Land Trust. With the exception of the Homes and Communities Regulation Committee, it must not be disclosed to third parties, quoted or referred to, without our prior written consent. No responsibility is assumed by us to any other person.

The purpose of the audit was to enable us to express an opinion on the financial statements. The audit included consideration of internal control relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. The matters reported above are limited to those deficiencies that the auditor has identified during the audit and that the auditor has concluded are of sufficient importance to merit being reported to those charged with governance.

If we can be of any further assistance, please contact Sue Sullivan.

Yours faithfully

Rothmans Audit LLP

SCHEDULE OF ADJUSTED MISSTATEMENTS

During the audit, we identified two misstatements, which you have agreed to adjust in the final accounts.

			*SOFA*	*Balance*
*Narrative*	DR	CR	*(I&E)*	*sheet*
Deferred Income AOY	205,000.00			205,000.00
Deferred Income WOY		205,000.00		(205,000.00)
Being reclassification of grant income for property purchase made after			year-end	as due within
one year
Maintenance		33.14	(33.14)
Admin Charges		437.40	(437.40)
Marketing	470.54		470.54
Being correction to classification of marketing costs
	205,470.54	205,470.54		- -

SCHEDULE OF UNADJUSTED MISSTATEMENTS

During the audit we identified two misstatements which was above the clearly trivial threshold of £855, but which were not material to the financial statements. Management has not corrected these misstatements as they are not material in the context of the financial statements.

		*Actual errors*	*Actual errors*	*SOFA*	*Balance*
	*Narrative*	DR	CR	*(I&E)*	*sheet*
1	Service charges due to tenants	3,389.19			3,389.19
	Provisions for liabilities		3,389.19		(3,389.19)
	Being provision for long term expenditure presented as amounts due to tenants
2	Accruals		2,197.39		(2,197.39)
	Legal Fees	1,671.39		1,671.39
	Repairs	526.00		526.00
	Being costs relating to FY2022 paid post year-end and not accrued
Total of potential adjustments		5,586.58	5,586.58	2,197.39	(2,197.39)